BOŚ first half results well below expectations

For the first half of 2003 Bank Ochrony Środowiska (BOŚ) has posted an zł. 11. million net profit, which is only about 25% of the amount projected for this year by the bank. "We forecast that our annual profit would reach zł. 45 million and we do not plan to change our forecast," said BOŚ president Józef Kozioł. Analysts nevertheless remain skeptical, "I think BOŚ will reduce its forecast in the fourth quarter," said Millenium DM analyst Macin Materna. The result is to be achieved through accelerating the bank's growth by fighting for retail clients and small and medium companies. "We have opened 13 new branches to bring out total to 71," said Kozioł. The company also planned to increase the value of loans given by 18%, but so far has increased them by 11%. In the foreseeable future the bank is likely to begin to service its customers through the Internet, "We will choose the IT system by the end of the year," explained Kozioł. (Puls Biznesu, p. 9) M.M.